In a clever move, Deutsche Bank removed the case from Nevada state court to federal district court. The ultimate result is that the Chapmans will have their day in state court against Deutsche Bank over whether the foreclosure was lawful. For more questions about bankruptcy in Las Vegas, please feel free to contact an experienced Freedom Law Firm Las Vegas bankruptcy attorney for a free initial consultation. Call us at to set up your free consultation. Schedule a Consultation. Eastern Ave.
Notify of. Inline Feedbacks. It was one of many, as banks moved to take over troubled gambling properties at the onset of the financial crisis. It recruited a high-powered management team that included a senior executive from Caesars Entertainment to construct a luxury resort on a fraction of the land that rival casinos like the Bellagio own. But it had always made clear that the Cosmo — replete with a three-story crystal chandelier, luxury shops and the Western outpost of the New York club Marquee — was for sale.
Deutsche Bank has held the Cosmo in a part of the bank designated for noncore operations, which it will sell over time. However, Eichner said at the time that Deutsche Bank was working with him to find new financing, and that he expected the project to continue apace. The new investors have apparently been more difficult to locate than Eichner planned.
No final date has been revealed, and Eichner did not say whether formal notice had been received. Perini Building Corporation, contracted to build the Cosmopolitan, said it would continue with construction per an agreement with Deutsche Bank reached in January. Officials from the Plaza, modeled after New York's famed Plaza Hotel, are to appear before the Clark County Commission today to answer published reports that the project would be put on hold.
The Plaza's ownership is the Elad Group, led by several Israeli investors. An Israeli news article cited the chance the Plaza may be delayed or cancelled due to the U.
Representatives of the Elad Group insist the rumors are incorrect, and the construction is on schedule. Once considered recession-proof, casinos have become such huge investments that any possibility of less-than-spectacular business threatens entire projects.
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